Two Way Hard Three | Las Vegas Casino & Design Blog
October 30, 2007
MGM Mirage Posts Third Quarter Results
Posted by HunterMGM Mirage posted their 2007 Q3 results - the company's net revenues are up 6% to $1.9 billion.
Some discussion on the call surrounded City Center and Dubai, Bellagio's baccarat room being closed, and the ongoing construction at former Mandalay properties.
Occupancy was up 1% to 97% and ADR hit $147, up from $140. REVPAR hit $143 from $135 a year ago.
An interesting item - gambling revenues, excluding Beau Rivage, are actually down 3% from a year ago.
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- Hunter recently commented "It was clear from the call that MGM Mirage management believes that MGM Gra..." in MGM Mirage Posts Third Quarter Results
- detroit1051 recently commented "Terry Lanni was interviewed on CNBC a few minutes ago. He was candid about..." in MGM Mirage Posts Third Quarter Results
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Comments
Terry Lanni was interviewed on CNBC a few minutes ago. He was candid about poor high roller results at Bellagio and The Mirage. He said those two properties suffered because MGM doesn't have a Macau presence yet. Thus, the incremental Asian business coming to Las Vegas goes to WYNN and LVS because they're already operating in Macau. Insurance payments resulting from Katrina's damage and loss of business at Beau Rivage saved the Quarter for MGM.
Lanni indicated MGM Grand Detroit will be a home run. In the short time it's been open, table play is up 70% over the former temporary casino, and slot win per day is still $300 even though the number of slots has been increased to 4,000 from 2,400 at the temporary casino.
It was clear from the call that MGM Mirage management believes that MGM Grand Macau is going to be a game changer for them, not just being in that market but all the cross-marketing.